ROCHESTER, NY (WROC) – The recent volatility on Wall Street has many people worried about their retirement plans.
Garrett Wagner of the New York State Society of CPAs discussed what you should be doing Thursday during News 8 at Sunrise.
“It’s important to remember that everyone’s situation is unique,” Wagner said.
In early 2020, before the pandemic, Wagner noted that 37% of people felt like they didn’t know enough about retirement. And, even worse, 55% of Americans don’t feel like they have enough savings for retirement.
“The best advice, time and time again, it’s proven effective, when the market goes down, be patient with your retirement plan,” Wagner said. “Now is not the time to change things up or do something different. It won’t get you anything. »
He said this is especially true when it comes to speculative investments like cryptocurrency.
“It’s super speculative, very high risk – not a good place for your retirement plan unless you’re prepared to lose all your retirement money, which most of us aren’t. So avoid these high-risk investments for your retirement.
Wagner’s game plan – stay in the game or get in the game if you’ve been sidelined. “First and foremost, start planning and saving today. If you’re not already participating in your workplace’s 401(k) plan, get started. That’s the best thing you can do is start saving for the future. Even if you set aside 1% of your income or $10 a week – whatever – start saving. If your business doesn’t have a plan, consider opening your own IRA or Roth IRA. They are cheaper and easier to open than ever before.
If you are approaching retirement, consult your CPA or financial advisor to discuss your personal situation. And if you’re just starting out, have the same conversation.
“They can come up with big plans for you and help you understand the situation so you’re better prepared and less worried about your future,” Wagner said.